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Optimism over equity link pulls stocks higher
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SHANGHAI stocks rose yesterday, led by brokerages which hoped to benefit from the upcoming Shanghai-Hong Kong Stock Connect, while gains made by local companies also lifted investor sentiment.
The Shanghai Composite Index rebounded from the morning session and rose 1 percent to 2,494.48 at the close.
The remarks by Norman Chan, chief executive of the Hong Kong Monetary Authority, yesterday that the city will remove the daily 20,000 yuan (US$3,266) conversion limit for local residents from next Monday were expected to boost their participation in the cross-border trading that will kick off on the same day.
CITIC Securities, China’s largest listed brokerage, jumped 7.9 percent to 15.58 yuan. Haitong Securities gained 5.9 percent to 12.35 yuan.
Optimism over the stock link has lured domestic investors to open 235,800 new A-share trading accounts last week, up 8 percent from a week earlier, the China Securities Depository and Clearing Co said.
Shares related to Shanghai Disneyland also surged. Shanghai Pudong Road & Bridge Construction gained 6.7 percent to end at 10.77 yuan. Shanghai Jielong Industry Group soared by the daily limit of 10 percent to close at 16.35 yuan.
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